LawDepot’s template lets you and your partner easily create your prenup. First, select your current living arrangements, then continue with the following steps:
1. Include both parties’ names
Include your and your future spouse’s contact details and information. If you and your fiance don’t live together, you must include both of your home addresses in your agreement.
2. Disclose separate and shared assets
Typically, separate assets are assets and property that you acquire before your marriage. This property can include real estate, business shares, vehicles, heirlooms, taonga, and more. You may also gain separate property after marriage, like an inheritance you wish to keep in only your name.
It’s crucial that you and your fiance fully disclose your financial assets. Fully outlining your assets can protect them in case of separation or divorce.
You’ll acquire shared assets and property throughout your marriage. However, it’s possible to have shared assets before getting married. This is also known as relationship property. Shared assets can include real estate, joint bank accounts, home furnishings, and vehicles.
If you separate, a prenup determines how your shared property is divided. Division can be:
- A 50/50 split
- According to the financial contribution of each spouse
You can also establish a division process tailored to your and your spouse’s unique situation. However, it’s important that the division is fair.
3. Provide separate and shared debts
You should disclose all your personal debt to your partner before entering a prenup. Separate or personal debts are in your own name and will be your personal responsibility to pay back if you and your spouse separate.
Our questionnaire will prompt you to list your and your future spouse’s separate debt, which can include credit card debt, loans, and more.
You’ll also need to include any shared debt, also known as relationship debt. If you separate, you and your spouse will be responsible for paying these off together. Examples of shared debts include mortgages, joint credit cards, business debts, purchases for the household, or costs incurred raising a child.
You may wish to divide them equally, where you’re both 50% responsible. Alternatively, you can decide how to divide debts in a way you both agree is acceptable.
4. Include any children
Next, include the names of any children belonging to you or your fiance. They can be children you have together or children from previous relationships.
Including your and your spouse’s children in your prenup is essential. Children have rights that may impact the prenup. For example, if you have a child from a previous marriage, their inheritance may change what your spouse gets if you pass away.
A prenup cannot include terms regarding child custody, child visitation, or child support for existing or future children. The courts will determine these matters during a separation or divorce.
5. Add your pets
Adding any pets to your agreement is important as they are considered property. Having pets in your agreement determines who has custody of any pets you already have in your relationship.
6. Determine spousal support
Include details about future spousal support, also known as spousal maintenance. Your prenup can determine how much support you or your fiance will pay the other, or you can leave it to the court to decide who pays and how much.
In New Zealand, spousal support is determined on a case-by-case basis. New Zealand courts use the Family Proceedings Act 1980 Part 6 to decide on support.
7. Add spousal inheritance
Finally, include details on what inheritance the surviving spouse will receive when one of you passes away. You don’t have to place any restrictions on what you inherit from each other’s estates. However, you may choose that you and your spouse only inherit according to each other’s Last Will and Testament. This is a common choice when you have children from previous relationships who will also inherit from you.
In addition to inheriting from your Last Will and Testament, you can also specify in your prenup any other rights the surviving spouse may have, such as entitlement to death benefits under the superannuation plan or insurance policies.
It’s critical to be consistent in drafting your estate planning documents and your prenup so they align with your and your fiance’s choices for the future. This can make the execution of an estate a smoother process for the surviving spouse, as the court may uphold a prenup if it contradicts the deceased’s Last Will.